Name: Tutor: Course: Date: University: Positive and negative impact of international institutions on developing countries Introduction International organizations play a remarkable role in enhancing various forms of development in developing countries. International institutions such as World Bank and United Nations Conference on Trade and Development have made significant contributions, which aim at alleviating poverty and encouraging development…
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Therefore, the paper will focus on how these institutions have contributed to development and how their influence has had negative impacts on developing nations. An overview of operations of international institution in Developing Countries Since the advent of globalisation, international organisations have increased their operations in developing countries. International trade has spread all over the world at a faster rate than experienced before this phenomenon. In their quest for economic, as well as social progress in the last four to five decades, developing countries have embraced policies that promote international trade. Consequently, their share of exports has increased to one third from one fourth during the 1960’s. The World Bank and UNCTAD have taken part in trade activities in regions such as Central America, East Asia, and Africa. The formation of these institutions aimed at enhancing global trade. With development loans offered by these institutions, developing nations have managed to carry out development projects (Young, 2000). While taking part in development activities, in developing countries, international institutions contend that an enabling international environment is of paramount importance. They argue that such an environment enables developing countries and other economies under transition to have successful integration into the economy of the world. International trade also allows developing countries to develop reliable capabilities of supply, which will be in line with the market demands, improve networking, promote development and transfer of technology, as well as increase productivity. International institutions emphasize that developing nations should promote growth and development by instituting policies, which will encourage international trade. As such, governments of developing countries should provide adequate resources, improve the capacity of institutions, enhance technological capacity, and improve infrastructure. Positive and negative impact of World Bank and UNCTAD on developing countries The World Bank came to being after the end of the Second World War; the political climate present during the time of its formation was different from the current political climate in the world of today. The institutional structures of this organization were incorporated in Bretton Woods, at an international conference held in New Hampshire. The initial purpose of forming the World Bank was to provide aid in terms of loans to developing nations. The main targets included the countries facing a crisis of balance of payment deficits and immense difficulties in settling debts (Wantchekon 2002, p. 59). Originally, the purpose and focus of World Bank aimed at lending money to European government of the West in order to assist them in rebuilding their countries as a result of the war. However, the attention of the World Bank later focussed on giving loans to developing countries for development purposes. UNCTAD came into being during the early years of 1960s. During the early 1960s, there grew concerns about the place of developing countries in international trade. This made most of these nations to advocate for the convening of a conference devoted to dealing with problems
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